BRAINDRUMS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00473337.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 21 filings
Turnover
≈ €75,000
Estimated: probably between €43,000 and €100,000
Total assets
€89,768▼ 24.8%
2024 · €119,305
Net result
€959
2024 · -€407
Working capital
€18,791▲ 289%
2024 · €4,828
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€3,873
▲ 90.3%
2025
20182025
Net result
€959
2025
lowest quarter of the sector
20182025
Equity
€68,106
▲ 1.4%
2025
middle half of the sector
20182025
Total assets
€89,768
▼ 24.8%
2025
middle half of the sector
20182025
Debt
€21,662
▼ 58.5%
2025
20182025
Working capital
€18,791
▲ 289%
2025
middle half of the sector
20182025
Solvency
75.9%
▲ 19.6pp
2025
middle half of the sector
20182025
Current ratio
1.87
▲ 0.76
2025
middle half of the sector
20182025
Return on assets (ROA)
1.1%
▲ 1.4pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€23,009-€26,730▲ 16.2%€96,020▲ 259%€20,225▼ 78.9%€7,698▼ 61.9%€11,919▲ 54.8%€2,035▼ 82.9%€3,873▲ 90.3%
Net result€8,466-€19,210▲ 127%€68,468above the sector's middle half▲ 256%€15,202within the sector's middle half▼ 77.8%€4,026within the sector's middle half▼ 73.5%€7,590within the sector's middle half▲ 88.5%-€407below the sector's middle half€959below the sector's middle half
Equity-€46,942--€27,732▲ 40.9%€40,736within the sector's middle half€55,938within the sector's middle half▲ 37.3%€59,964within the sector's middle half▲ 7.2%€67,554within the sector's middle half▲ 12.7%€67,147within the sector's middle half▼ 0.6%€68,106within the sector's middle half▲ 1.4%
Total assets€31,776-€31,392▼ 1.2%€83,765within the sector's middle half▲ 167%€155,668within the sector's middle half▲ 85.8%€143,194within the sector's middle half▼ 8.0%€120,190within the sector's middle half▼ 16.1%€119,305within the sector's middle half▼ 0.7%€89,768within the sector's middle half▼ 24.8%
Debt€78,718-€59,124▼ 24.9%€43,029▼ 27.2%€99,730▲ 132%€83,230▼ 16.5%€52,637▼ 36.8%€52,158▼ 0.9%€21,662▼ 58.5%
Working capital-€50,649--€31,617▲ 37.6%€23,735within the sector's middle half€25,228within the sector's middle half▲ 6.3%€24,064within the sector's middle half▼ 4.6%€11,451within the sector's middle half▼ 52.4%€4,828within the sector's middle half▼ 57.8%€18,791within the sector's middle half▲ 289%
Solvency-147.7%--88.3%▲ 59.4pp48.6%within the sector's middle half▲ 137.0pp35.9%within the sector's middle half▼ 12.7pp41.9%within the sector's middle half▲ 5.9pp56.2%within the sector's middle half▲ 14.3pp56.3%within the sector's middle half▲ 0.1pp75.9%within the sector's middle half▲ 19.6pp
Current ratio0.34-0.45▲ 0.111.60within the sector's middle half▲ 1.151.41within the sector's middle half▼ 0.181.56within the sector's middle half▲ 0.151.44within the sector's middle half▼ 0.131.10within the sector's middle half▼ 0.331.87within the sector's middle half▲ 0.76
Return on assets (ROA)26.6%-61.2%▲ 34.6pp81.7%above the sector's middle half▲ 20.5pp9.8%within the sector's middle half▼ 72.0pp2.8%within the sector's middle half▼ 7.0pp6.3%within the sector's middle half▲ 3.5pp-0.3%below the sector's middle half▼ 6.7pp1.1%below the sector's middle half▲ 1.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 90% higher than in 2024. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €89,768
Fixed assets
€49,315 ▼ 27.0%
Current assets
€40,453 ▼ 21.9%
Equity and liabilities €89,768
Equity
€68,106 ▲ 1.4%
Debt
€21,662 ▼ 58.5%
Debt's share of the balance-sheet total falls from 43.7% to 24.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€24,633▲
2024 · €23,532
Cash flow
€21,719▲
2024 · €21,090
Debt to equity
0.32▼
2024 · 0.78
ROE
1.4%▲
2024 · -0.6%
Interest coverage
38.26▲
2024 · 27.59
Debt ≤ 1 year
€21,662▼
2024 · €46,966
Income taxes
€2,270▲
2024 · €1,589
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €61,784 | €26,583 | €27,794 | €6,551 | €2,565 |
| Depreciation and write-downs of the year | €12,504 | €19,666 | €21,770 | €21,497 | €20,760 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €9,000 awarded · €12,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €3,000 | €3,000 |
| 2023 | 1 | €0 | €3,000 |
| 2022 | 1 | €6,000 | €6,000 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,150 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,130 | €2,747 | €4,094 | €12,504 | €19,666 | €21,770 | €21,497 | €20,760 | ▼ 3.4% |
| Other operating charges640/8 | - | - | - | €642 | €948 | €938 | €1,106 | €1,015 | ▼ 8.2% |
| Gross operating margin9900 | €27,906 | €30,666 | €100,896 | €33,371 | €28,312 | €34,626 | €24,637 | €25,648 | ▲ 4.1% |
| Operating profit (loss)9901 | €23,009 | €26,730 | €96,020 | €20,225 | €7,698 | €11,919 | €2,035 | €3,873 | ▲ 90.3% |
| Financial income75/76B | - | - | - | €0 | - | - | €1 | - | - |
| Recurring financial income75 | €0 | - | €6 | €0 | - | - | €1 | - | - |
| Financial charges65/66B | - | - | - | €884 | €1,110 | €922 | €853 | €644 | ▼ 24.5% |
| Recurring financial charges65 | €11,048 | €692 | €373 | €884 | €1,110 | €922 | €853 | €644 | ▼ 24.5% |
| Profit (loss) for the period before taxes9903 | €11,961 | €26,038 | €95,653 | €19,341 | €6,588 | €10,997 | €1,182 | €3,229 | ▲ 173% |
| Income taxes67/77 | €3,495 | €6,828 | €27,185 | €4,139 | €2,562 | €3,407 | €1,589 | €2,270 | ▲ 42.8% |
| Profit (loss) for the period9904 | €8,466 | €19,210 | €68,468 | €15,202 | €4,026 | €7,590 | -€407 | €959 | - |
| Profit (loss) for the period to be appropriated9905 | €8,466 | €19,210 | €68,468 | €15,202 | €4,026 | €7,590 | -€407 | €959 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €31,776 | €31,392 | €83,765 | €155,668 | €143,194 | €120,190 | €119,305 | €89,768 | ▼ 24.8% |
| Fixed assets21/28 | €5,657 | €5,260 | €20,398 | €69,515 | €76,432 | €82,456 | €67,510 | €49,315 | ▼ 27.0% |
| Tangible fixed assets22/27 | €5,407 | €5,010 | €20,148 | €69,265 | €76,182 | €82,206 | €67,260 | €49,065 | ▼ 27.1% |
| Plant, machinery and equipment23 | - | - | - | €520 | €727 | €1,074 | €848 | €623 | ▼ 26.6% |
| Furniture and vehicles24 | - | - | - | €68,745 | €53,792 | €61,073 | €43,193 | €26,931 | ▼ 37.6% |
| Other tangible fixed assets26 | - | - | - | - | €21,663 | €20,059 | €23,220 | €21,511 | ▼ 7.4% |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €26,119 | €26,132 | €63,367 | €86,154 | €66,762 | €37,734 | €51,794 | €40,453 | ▼ 21.9% |
| Amounts receivable within one year40/41 | €6,667 | €9,751 | €30,160 | €32,145 | €19,440 | €12,044 | €25,301 | €5,739 | ▼ 77.3% |
| Trade receivables40 | - | - | - | €31,284 | €17,015 | €12,044 | €23,890 | €4,876 | ▼ 79.6% |
| Other amounts receivable41 | - | - | - | €861 | €2,425 | - | €1,411 | €863 | ▼ 38.8% |
| Cash at bank and in hand54/58 | €13,513 | €11,175 | €28,349 | €47,989 | €26,583 | €11,210 | €920 | €21,622 | ▲ 24× |
| Deferred charges and accrued income490/1 | - | - | - | €6,019 | €20,739 | €14,480 | €25,574 | €13,092 | ▼ 48.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €31,776 | €31,392 | €83,765 | €155,668 | €143,194 | €120,190 | €119,305 | €89,768 | ▼ 24.8% |
| Equity10/15 | -€46,942 | -€27,732 | €40,736 | €55,938 | €59,964 | €67,554 | €67,147 | €68,106 | ▲ 1.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€65,542 | -€46,332 | €22,136 | €37,338 | €41,364 | €48,954 | €48,547 | €49,506 | ▲ 2.0% |
| Amounts payable17/49 | €78,718 | €59,124 | €43,029 | €99,730 | €83,230 | €52,637 | €52,158 | €21,662 | ▼ 58.5% |
| Amounts payable after more than one year17 | - | - | - | €35,405 | €25,511 | €15,440 | €5,192 | - | - |
| Financial debts170/4 | - | - | - | €35,405 | €25,511 | €15,440 | €5,192 | - | - |
| Amounts payable within one year42/48 | €76,768 | €57,749 | €39,632 | €60,926 | €42,698 | €26,283 | €46,966 | €21,662 | ▼ 53.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,723 | €9,895 | €10,070 | €10,248 | €5,192 | ▼ 49.3% |
| Financial debts43 | - | - | - | - | - | - | €8,250 | - | - |
| Credit institutions430/8 | - | - | - | - | - | - | €8,250 | - | - |
| Trade debts44 | €41,411 | €38,210 | €17,412 | €37,153 | €30,411 | €4,873 | €13,121 | €5,027 | ▼ 61.7% |
| Suppliers440/4 | - | - | - | €37,153 | €30,411 | €4,873 | €13,121 | €5,027 | ▼ 61.7% |
| Taxes, remuneration and social security45 | - | - | - | €14,015 | €2,369 | €3,673 | €14,617 | €10,677 | ▼ 27.0% |
| Taxes450/3 | - | - | - | €11,682 | - | €3,673 | €14,617 | €7,810 | ▼ 46.6% |
| Remuneration and social security454/9 | - | - | - | €2,332 | €2,369 | - | - | €2,866 | - |
| Other amounts payable47/48 | - | - | - | €35 | €24 | €7,667 | €730 | €767 | ▲ 5.0% |
| Accrued charges and deferred income492/3 | - | - | - | €3,399 | €15,021 | €10,913 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,466 | €19,210 | €68,468 | €15,202 | €4,026 | €7,590 | -€407 | €959 | - |
| + Depreciation and write-downs630 | €4,130 | €2,747 | €4,094 | €12,504 | €19,666 | €21,770 | €21,497 | €20,760 | ▼ 3.4% |
| Operating cash flow (approximation) | €12,596 | €21,957 | €72,562 | €27,705 | €23,692 | €29,359 | €21,090 | €21,719 | ▲ 3.0% |
| Investment in fixed assets (approximation) | - | -€2,350 | -€19,232 | -€61,620 | -€26,583 | -€27,794 | -€6,551 | -€2,565 | ▲ 60.8% |
| Change in cash | - | -€2,337 | €17,174 | €19,640 | -€21,406 | -€15,373 | -€10,290 | €20,702 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 17,041 companies had the same profile as BRAINDRUMS has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BRAINDRUMS itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 17,041 companies, not a prediction for BRAINDRUMS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00473337 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00438719 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00396098 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00381169 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20306977 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-60700239 | |
| 31-12-2019 | micro format | 08-10-2020 | 2020-60200476 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57100588 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-56000026 | |
| 31-12-2016 | micro format | 23-11-2017 | 2017-70100376 |